Hotels in the North, including Greater Manchester, attracted more than £1bn of investment in 2018.

Total investment in the region reached £1.11bn, according to read estate advisor Savills.

The North accounted for 17 per cent of total UK hotel transactions last year, which came to £6.6bn.

The market was led by portfolio transactions, accounting for 56 per cent of deals (£630m), with individual transactions at 44 per cent (£480m).

Despite current underlying uncertainty, portfolio investments proved to be attractive to both domestic and international investors with UK and Israeli investors leading the market share, followed by French, Canadian and Danish.

Manchester city centre skyline panoramic view

Individual transactions were largely dominated by domestic investors, accounting for 54 per cent of investment value, with an average transaction size of £8m.

The largest deal in the region last year was £118m for the 312 bed Midland Hotel in Manchester, equating to a price per key of £378,000. The average price per key for 2018 across the region was £100,000.

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Tom Cunningham, director of hotels in The North said: “2018 has been another strong year for investment levels in the North driven by several high profile portfolio transactions.

"Despite the underlying uncertainty surrounding Brexit, the northern hotel market remains attractive to both domestic and overseas investors due to the range of different assets available. As such, we expect 2019 to be another robust year."